West Brom to be rescued - Mortgages - News - Moneyfacts

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West Brom to be rescued

West Brom to be rescued

Category: Mortgages

Updated: 12/06/2009
First Published: 12/06/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
After weeks of speculation, West Bromwich Building Society is set to become the latest lender to be rescued, according to reports by the BBC.

Doubts regarding the finances of the UK's eighth largest building society first emerged last month, when rumours suggested the Financial Services Authority was actively seeking a buyer for the society.

At the time, the mutual's Board claimed it was well-capitalised, able to meet all its obligations in full and had a long-term future as an independent mutual society.

However, heavy losses were widely predicted to be revealed in its full year results, scheduled to be released next Monday.

Despite exiting the commercial lending arena over 12 months ago and no longer being active in the buy to let or non-prime residential lending, these areas of the business are thought to have been at the root of the society's problems.

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